Expenses are the cost of providing goods and services and result in: A.increased assets or decreased liabilities B.decreased assets or increased liabilities C.decreases in both assets and liabilities D.increases in both assets and liabilities
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Expenses are the cost of providing goods and services and result in:
A.increased assets or decreased liabilities
B.decreased assets or increased liabilities
C.decreases in both assets and liabilities
D.increases in both assets and liabilities
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- Revenues come from sales of goods and services to customers and result in A.decreased assets or increased liabilities B.decreases in both assets and liabilities C.increases in both assets and liabilities D.increased assets or decreased liabilitiesRevenue will be recognized when the following occurs as a result of a business activity with a customer: a) There is an increase in assetsb) There is an increase in liabilities c) There is a decrease in assetsd) none of theseAdjustment for accrued revenue requires a/an choose correct answer a. decrease liabilities increased revenue b. decrease asset decrease revenue c. increase asset increase revenue d. increase liabilities decrease revenues
- A decrease in economic benefits or decrease in assets or increase in liability resulting in decrease in equity is termed as. a. Capital b. Income c. Expense d. LiabilityWhich of the following normally has a net credit balance? A. Asset accounts such as cash, accounts receivable, inventory, and equipment B. Expenses that decrease retained earnings C. Dividends that decrease retained earnings D. Revenues that increase retained earningsTrue or false. Debit Increases in assets and expenses, decreases in liabilities and revenue?
- Which of the following is not an example of an operating expense? Select one: a. Salaries Expense b. Insurance Expense c. Rent Expense d. Cost of Goods SoldRevenue has the effect of: A.increasing assets and decreasing liabilities B.increasing assets and owner's equity C.leaving the entire balance sheet unchanged D.increasing assets and decreasing owner's equityIn which of the following cases will the business have Net profit ? a. Expenses are less than revenue b. Expenses are greater than income c. Expenses are equal to income d. Liabilities are greater than income
- We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets exceed Expenses c. Income exceeds Liabilities d. Income exceeds ExpensesIf the adjustment for prepaid expenses is not recorded a.assets will be understated. b.net income will be overstated. c.expenses will be overstated. d.net income will be correctly stated.Choose the correct statement below: A. Unearned income is income earned and already collected.B. Contra asset is an account shown as an addition to the asset.C. Prepaid expenses are expenses paid and already incurred.D. Accrued expenses are expenses already incurred but not yet paid.